Scrapping 'uneconomical' payment method will save
Anyone who claims benefits or a state pension will soon need to have their payments made into a bank or online account.
It's as the MiCard system is to be replaced by the end of next year.
But, with fewer than 3,000 benefit and pensions recipients now collecting in cash, government says it's 'uneconomical' to keep up with the 'declining trend'.
Customers will be able to continue using MiCards until 31 January 2025, but will be encouraged to switch to direct payments into their account before then.
Treasury Minister Alex Allinson says his department will be working with the Isle of Man Post Office on this transition over the next 14 months, adding: 'This change will result in a saving of over £500,000 per year.'
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